Lithia Motors Inc.'s revenue hit a third-quarter record driven largely by increased new- and used-vehicle sales, higher average vehicle selling prices and strong gross profits per vehicle.
Net income totaled $307.9 million, nearly double the $158.8 million a year earlier.
Revenue for the Medford, Ore., retailer climbed 70 percent to $6.17 billion.
Adjusted net income more than doubled to $342 million, from $160 million in the third quarter last year.
Lithia continued its dealership acquisition tear in the third quarter with purchases in Alabama, California, Texas and Georgia. It also expanded into Canada -- the group's first international acquisition -- when it bought Pfaff Automotive Partners on Aug. 30.
Lithia's third-quarter dealership acquisitions combined are expected to generate annual revenue of $1.7 billion, the company noted.
"Year-to-date we have acquired $6.2 billion in annualized revenue and are pacing ahead of schedule toward our goal of achieving $50 billion in revenue and $50 of earnings per share by 2025," Lithia CEO Bryan DeBoer said in a statement on Wednesday. "The pipeline is robust and we continue to identify accretive deals that strategically expand our network while meeting our disciplined return thresholds."
